The Oxford American Literary Project’s board of directors announced this week that it retired all remaining debt owed to the University of Central Arkansas, which at one time totaled $700,000, provided to the magazine as advances and loans between 2004 and 2008.

In 2012, with the help of the Massey Family Charitable Foundation, the OA pledged to repay half of the debt within five years, and did so, with the remaining $286,000 retired Tuesday, July 10.

“We’re incredibly excited to share this news with the community,” Executive Director Ryan Harris said in a press release. “The retirement of these loans builds upon the positive trajectory of the organization over the last several years, and furthers the progress we’ve made toward creating a sustainable future for the Oxford American.”